Similarly, these and other factors, including the terms of any
reorganization plan ultimately confirmed, can affect the value of the
Company's various prepetition liabilities, common stock and/or other equity
securities. Additionally, no assurance can be given as to what values, if
any, will be ascribed in the bankruptcy cases to each of these
constituencies. A plan of reorganization could result in holders of
Delphi's common stock receiving no distribution on account of their
interest and cancellation of their interests. In addition, under certain
conditions specified in the Bankruptcy Code, a plan of reorganization may
be confirmed notwithstanding its rejection by an impaired class of
creditors or equity holders and notwithstanding the fact that equity
holders do not receive or retain property on account of their equity
interests under the plan. In light of the foregoing, the Company considers
the value of the common stock to be highly speculative and cautions equity
holders that the stock may ultimately be determined to have no value.
Accordingly, the Company urges that appropriate caution be exercised with
respect to existing and future investments in Delphi's common stock or
other equity interests or any claims relating to prepetition liabilities.